In relation to the notice from SEBI CNBCTV-18 clarified that the show cause notice was dated 8th October, 2009 and RIL later responded that they had replied and had not received any further reply from SEBI. Whereas there may have been some substance or rumour floated to counteract today`s upmove we should await further clarifications in this matter before acting and commenting on it. RIL`s body language does not suggest any such problem or threat. It is amazing to see how many suicidal persons are trying all possible means to bring RIL down. Suicidal since this market and nation will get nowhere without RIL at this point of time and we are missing out on opportuinities....

I am holding 500 Kushasgra Sftware (Now Concurrent Infrastructure) shares , now I want to sell but the message received is can not be sold/traded, whereas every day share price is varying i.e is 10.50, 11.06, 10.06 etc . What is the reason that this shares can not be sold/traded? Krrish...

can you post your views on JSL..?...

How U r seeing closing Today Mkt. Considering the following matter: - 1. Expiry r about to near 2. 4900 & 5000 Put options r most active derivative today 3.Profit Booking 4.Mkt r not seeing to cross 5080 level 5.FII selling cash drivatives My opinion is Mkt can fall due to profit booking . Nifty can break 5000 level and sensex can break 17000 level. Its my opinion. Please also share ur opinions in this matter And Chief - Kamani Analysis was perfect for friday mkt. ...

rvk41: I only hope RIL would be able to manage all that is on the plate (GAS dispute, no gas in one of the block, low earnings, retail still down).. Too many issues to look into. Like they say, you need to marry only once, hence RIL need to succeed somewhere.. ...

Dear micky, Chinese tyres are case in point. Many people who have fitted Chinese tyres and driven their vehicles on expressways at high speed have come to grief as these tyres have given away at speeds above 90-100 kmph. Similarly Chinese milk products have caused widespread food poisoning. Chinese toys have not kept standards of required hygiene. People buy misery & sickness along with Chinese goods and loose their economic freedom. Example : USA & to lesser extent Europe. Some countries also buy political bullying; Example India....

Italian anti-terrorist police have arrested two Pakistanis suspected of helping to finance the Islamic militant group responsible for the attacks on Mumbai in November 2008, that killed 166 people. Police said in a statement on Saturday the men, identified using leads from Indian authorities and the Federal Bureau of Investigation, sent funds overseas using the money transfer business they owned in the north Italian town of Brescia. Shortly before the Mumbai attacks, the two men transferred money to pay the Internet phone calls of individuals in direct contact with the militants, the statement said. The 10 gunmen attacked several targets in Mumbai last year including two plush hotels and a Jewish centre. The incident frayed already tense ties between nuclear-armed neighbours India and Pakistan. Two other Pakistani citizens were arrested in the investigation, accused of links to illegal people trafficking. (Editing by Louise Ireland) ...

State-run NTPC has asked the government for allocation of natural gas from RIL at a price of USD 2.34 per mmBtu, pending the outcome of its court case against the Mukesh Ambani-led firm on the issue.

Stating that it has requested Power Ministry to take up the issue with Oil Ministry subject to the outcome of court case, NTPC Chairman R S Sharma has sought necessary direction from the government for fuel supply at contracted price.

RIL in a 2004 NTPC tender offered to supply 12 million standard cubic meters per day of gas from its eastern offshore fields for 17 years at a price of USD 2.34 per million British thermal unit, but has refused supplies saying a firm contract was not concluded.

NTPC on the other hand says RIL`s acceptance of its Letter of Intent (LoI) was enough for the contract to be concluded. The matter is now before the Bombay High Court.

Sharma wrote to Power Secretary H S Brahma on November 17 that RIL has told the Supreme Court that KG D-6 field life was 11 years and gas could not be supplied to NTPC for 17 years.

As NTPC`s contract is for 17 years, RIL`s submission about availability of gas for 11 years only "has serious implications on the supply of gas to NTPC as per bid submitted by RIL and will go against NTPC`s interests," he wrote.

Sharma asked Power Ministry to request Empowered Group of Ministers for necessary direction for supply of gas to NTPC at "the price and terms of the contract with RIL" without prejudice to the ongoing case

For information,with regards
rvk41...

Mahindra and Mahindra, a renowned name of auto-mobile sector, which entered into the business of sale-purchase of pre-owned cars in 2007,
is eying the turnover of Rs 500 crore in the current fiscal.

"Market of sale-purchase of pre-owned cars was at least 20 times big than the market of new cars and we want to tab the market to double our current Acquired Turn Over of Rs 250 crore in the current financial year", Sharad Agarwal, General Manager, Sales (North) of the Mahindra First Choice Wheels Limited, a wing of Mahindra and Mahindra, told reporters while inaugurating a showroom of the company here today.

At present the company had 97 dealers in the country, which would be increased to 300 by 2013 apart from opening 27 super showroom for sale-purchase of at least one lakh cars, he added.

"The newly opened showroom of the company will display several brands of pre-owned cars and will function as a one-stop shop for all those wishing to either buy or sell a car. We will offer a wide range of services for customers, including purchase and sale of pre-owned cars, car finance and insurance, fitment of car accessories and assistance with paperwork and documentation," said Agarwal.

For information,with regards
rvk41...

Markets watchdog Securities and Exchange Board of India (SEBI) has issued an amended notice to Reliance Industries Ltd asking why it
should not be barred from accessing the stock markets under rules governing fraudulent and unfair trade practices.

The show cause notice has been issued in the matter relating to alleged insider trading in the shares of now defunct Reliance Petroleum, which had since merged with Reliance Industries, led by billionaire industrialist Mukesh Ambani.

The notice issued by the investigation department of the SEBI further asks why directions should not be issued to bar the company from buying, selling and dealing in any security -- directly or indirectly.

The original show cause notice was issued April 29.

The matter purportedly pertained to the sale of shares of Reliance Petroleum by the parent company in November 2007 in two instalments of 2.54 per cent and 1.47 per cent each to raise Rs 4,023 crore

For information,with regards
rvk41...

ArcelorMittal`s Indian unit has sought approval from the Karnataka government to set up a steel plant, the company said in a statement.

The Karnataka project will be in addition to ArcelorMittal`s existing plans to build steel plants in Orissa and Jharkhand, the company said.

Earlier ET Now television reported the Karnataka steel plant would have a capacity of 6 million tonnes a year. The company statement did not mention the plant`s capacity.

ArcelorMittal said it would disclose more details on cost, capacity and a timeline after it completes technical studies in three to four months

For information,with regards
rvk41...

As America’s top banks emerge from the Troubled Asset Relief Program (TARP) and the economy starts showing signs of recovery, Indian outsourcing vendors, Tata Consultancy Services (TCS), Infosys and Wipro, are set to gain offshoring projects worth around $1 billion over the next one to two years

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rvk41...

Software services firm HCL Technologies on Monday said it has won a contract worth $200 million from British insurer Equitable Life Assurance Society.

The contact begins in March 2011

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rvk41...

Indian financial services firm Reliance Capital has been approached by three foreign insurance companies looking to take a stake in its life
insurance business, its chief executive said on Monday.

Reliance Capital is planning to sell up to 26 per cent of its Reliance Life unit, including through an initial public offering, and has said it would sell about 10 percent to a strategic investor ahead of a listing.

"We would obviously like a life insurance company, someone who hasn`t come to India. About three globally have approached us," Sam Ghosh told the Reuters India Investment Summit.

Reliance Life, the country`s No 4 private life underwriter by assets under management, is seeking a waiver from a requirement that an insurance company be in business for 10 years before an IPO.

It aims to be the first Indian life underwriter to list, and Ghosh said he was confident of getting government approval.

"Finance Ministry is waiting for approval from the insurance regulator. It is a technical interpretation of the act," he said, adding the finance ministry could waive the 10-year requirement

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rvk41...

Reliance Industries Ltd (RIL) on Wednesday said it was bound by a clause in the memorandum of understanding (MoU) reached between the Ambani brothers — Mukesh and Anil — that talked of a suitable arrangement for supply of gas to Anil-owned Reliance Natural Resources Limited (RNRL).

On the tenth day of arguments, RIL counsel Harish Salve told the court that the family MoU was of valuable guidance to reach a suitable arrangement. He, however, said the MoU itself couldn’t be the suitable arrangement to the extent that it would override even the government policy. Also, he added, the final arrangement was subject to government approval.

When the court was about to rise, RNRL counsel Ram Jethmalani said: “RIL has made a lot of progress from saying MoU was trash to submitting that MoU is a valuable guidance tool.”

But Salve said: “MoU is binding upon the mother and the two brothers, but not upon RIL
"" IF the family MOU is acceptable then Mugesh has to supply GAS to Anil at the agreed cost and if the Govt fixes the rate, the difference of cost has to be bourn by NOT BY RIL,but my Mugesh from his share of the property that devolved by M O U THis will be the natural JUSTICE""

With regards
rvk41...

The crude oil being produced by Cairn India at Barmer, Rajasthan is finding few takers in the domestic market, although the company has had enquiries from South-East Asian refineries.

Cairn India’s CEO, Rahul Dhir, has written to the petroleum ministry seeking unfettered marketing right to sell the Rajasthan crude to domestic and international buyers. He wrote on September 24 that “there is a significant high value demand from refineries in Singapore, Malaysia, Taiwan and Korea, which can absorb large volumes of Rajasthan crude at a fair price.”

Most PSU oil firms — IOC, HPCL, BPCL and MRPL — expressed inability to accept the produce, as their refineries are not capable of processing the crude due to its waxiness.

And for those which can do so, find the distance from Rajasthan a constraint.

“Processing of Cairn’s crude can be done at refineries having coker units,” commented a senior IOC official. “As we have limited refineries with cokers, a cost of anywhere between Rs 300 crore to Rs 2,000 crore would be required to upgrade our refineries.”

The petroleum ministry has permitted Cairn India to sell its crude to private refiners like RIL and Essar Oil. It has also said that “the matter (of permitting exports) may be taken up with the ministry of commerce, should the contingency arise,” in a communication dated October 8 to the CEOs of oil PSUs, a copy of which is available with the Hindustan Times.

If this happens, it will be for the first time that crude oil produced in India is exported.

A Cairn official confirmed that the company has been given permission to sell crude to private refiners, but refused to comment on the exports issue.

For information,with regards
rvk41
...

Dear,
Mugesh`s lawyer reply is very silly,he says that MOU is not placed with RIL`s board or directors,it is irrelavant and the MOU is between the heirs of Ambanis and Mugesh is binding to supply at the agreed rate for 17 years to RNRL,
which is the share of Anil;and the expenses on that counter is to be bourn by Mugesh from his share

Ultimately Anil will WIN
with regards
rvk41 ...

Suven Life Sciences, a leading biopharmaceutical company today announced that it has secured two US patents on new chemical entities (NCEs).

The US patent office has issued two patents: US 7507835 and 7388024 corresponding to two NCEs for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid until 2022 and 2044 respectively.

The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer`s disease, Attention deficient hyperactivity disorder (ADHD), Huntington`s disease, Parkinson and Schizophrenia .

With these new patents, Suven has total of four granted US patents on NCEs. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at phase-I or phase-II.

``We are very pleased by the grant of these patents to Suven by US Patent office for our pipeline of molecules in CNS arena that are being developed for cognitive disorders which has an estimated USD 20 billion market potential globally``, said Venkat Jasti, chief executive officer (CEO) of Suven.

For information,with regards
rvk41

...

The government on Wednesday initiated radical tax reforms through a draft code that aims at moderating income tax rates, abolishing Securities Transaction Tax and increasing deduction for savings up to Rs3 lakh.

Releasing the Direct Taxes Code that will ultimately replace the over four-decades old Income Tax Act and bring all other direct taxes like wealth tax under its purview, Union finance minister Pranab Mukherjee on Wednesday said if reasonable level of discussion happens on the code, a bill could be placed in the winter session of Parliament.

The code proposes to exempt the general tax payer from paying income tax if his income is Rs1,60,000 in a year. He would pay just 10% up to Rs10 lakh, 20% beyond that and Rs25 lakh and 30% beyond Rs25 lakh.

Currently, the general income tax payer does not pay tax till Rs1,60,000 of income in a year. However, he pays 10% tax on income between Rs1,60,000 and Rs3, 20% between Rs3 lakh and Rs5 lakh and 30% beyond Rs5 lakh.

“We expect to have better compliance and better collection of taxes,” Mukherjee said.

While the code proposes abolition of the controversial STT, it also suggests reintroduction of tax on long term capital gains on securities trading.

Union home minister P Chidambaram, who during his tenure in the finance ministry had initiated work on the Code, said that this was a brand new Code written from scratch.

“There is no point looking at this with reference to the 1961 (I.T.) Act. Hours of work have gone into it preparing it... you will be doing a dis-service if you look at it from the present income tax law,” he said.

The present tax laws were only a feast to lawyers and the best way to read the provisions of the Code would be to study the relevant chapter before going into the provisions, Chidambaram said.

The attempt, Mukherjee said, “is to simplify the language to enable better comprehension and remove ambiguity to foster voluntary compliance”.

The thrust of the code, would be to “improve efficiency and equity of our tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base,” he said.

The new code is based on well accepted principles of taxation and best international practices, the finance minister said, adding, “it will eventually pave the way for a single unified tax reporting system”.

It would also meet the aspirations of “our young and professionally mobile population,” he added.

The process to frame the new code began with Mukherjee’s predecessor P Chidambaram announcing the intention to come out with a new law in the 2005-06 Budget speech.

Chidambaram said, “by the time the code becomes law, it may be 2011 -- the golden jubilee of the old law.”

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rvk41...